Gen Z Canadians are the most likely to say they have been a victim of a financial fraud attempt, but are also the least likely to speak about it to their family, according to a survey released by TD Bank Group Tuesday.
Gen Z were the most likely (45%) to be the victim of a financial fraud attempt, compared to 34% of millennials and 26% of gen X, the survey revealed.
“[Gen Z] are also more exposed because they used different platforms,” said Sophia Leung, executive vice-president of TD’s Platform Protect. “They’re obviously very digitally native and maybe that exposes them a little bit more.”
While gen Z Canadians are less susceptible to technical support and investment scams, they were the most likely to fall victim to romance scams as they’re less familiar with them, Leung said.
About half (51%) of gen Z respondents said they would be hesitant to speak with family about fraud experiences, compared to 39% of millennials and 23% of gen X, according to the survey.
Gen Z could be avoiding these conversations out of embarrassment or lack of education. Only one in five respondents said they were extremely confident in their ability to identify financial fraud.
But there’s no need to be embarrassed, Leung said. “If you know the number of people who have been scammed, we know that people are not alone, which is why it’s important for families to be able to talk about it.”
Despite these concerns, conversations about fraud prevention remain infrequent within Canadian households. Nearly three-quarters of those surveyed said they don’t discuss or educate their family on financial safety.
Avoiding these conversations can make it harder to detect fraud. More than nine out of 10 respondents said identifying scams can be easier when all family members are involved in discussions about fraud prevention, the survey found.
“Until something happens, people don’t believe it will happen to them,” Leung said. “But if you look at the statistics and you look at the growth of scams, it is important that people are both prepared and educated to protect themselves.”
Most major banks have fraud education resources, Leung said. Canadians can also use their bank mobile apps to track transactions and turn on notifications for suspicious activity.
The online survey was conducted by Maru Public Opinion on behalf of TD Bank between Jan. 10 and 13, with 1,530 randomly selected Canadian adults who are Maru Voice Canada online panellists. The results were weighted by census data to match population characteristics.